LONDON: Canadian manufacturing group Bombardier announced Thursday it was selling its aerostructures business to US firm Spirit AeroSystems, involving operations in Belfast, Casablanca and Dallas, in a cash-plus-debt deal exceeding $1 billion.
Bombardier announced its willingness to sell these assets last May as part of a broad restructuring to focus on trains and business aircraft.
In a statement, Bombardier said the US firm would take over operations in Belfast, which assembles the wings for the Airbus A220.
Spirit AeroSystems will also acquire Bombardier's operations in Casablanca and a plant in Dallas specialising in maintenance and repairs.
The price includes $500 million (450 million euros) in cash and around $700 million in debt.
The 2019 revenues for the three operations are expected to be approximately $1 billion.
The British trade union Unite welcomed the deal for the Belfast plant, which employs more than 3,500 people.
"We are pleased that Bombardier has heeded our call to be a responsible seller and the need for Bombardier aerostructures production to be transferred as a whole to a company with an excellent track record in aerospace rather than a short-termist hedge fund," said assistant general secretary Steve Turner.
"It is a sale that offers hope for a positive future for Bombardier workers in Northern Ireland and their colleagues in the supply chain."
Bombardier, which has been in a difficult financial situation for several months, has decided to consolidate all of its aeronautical activities into a single entity named Bombardier Aviation, with operations in Montreal, Mexico and Texas.